全球智库信息集成服务系统(G2TT): The U.S. listing gap

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w21181
来源ID	Working Paper 21181
	The U.S. listing gap
	Craig Doidge; G. Andrew Karolyi; René M. Stulz
发表日期	2015-05-18
出版年	2015
语种	英语
摘要	The U.S. had 14% fewer exchange-listed firms in 2012 than in 1975. Relative to other countries, the U.S. now has abnormally few listed firms given its level of development and the quality of its institutions. We call this the “U.S. listing gap” and investigate possible explanations for it. We rule out industry changes, changes in listing requirements, and the reforms of the early 2000s as explanations for the gap. We show that the probability that a firm is listed has fallen since the listing peak in 1996 for all firm size categories though more so for smaller firms. From 1997 to the end of our sample period in 2012, the new list rate is low and the delist rate is high compared to U.S. history and to other countries. High delists account for roughly 46% of the listing gap and low new lists for 54%. The high delist rate is explained by an unusually high rate of acquisitions of publicly-listed firms compared to previous U.S. history and to other countries.
主题	Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance ; Development and Growth ; Development
URL	https://www.nber.org/papers/w21181
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/578854
推荐引用方式 GB/T 7714	Craig Doidge,G. Andrew Karolyi,René M. Stulz. The U.S. listing gap. 2015.